LMAX Group to sell stake to New York private equity firm, valuing firm at $1 billion
JC Flowers & Co, the multibillion-dollar private equity firm, is set to acquire a 30% stake in cryptocurrency and FX exchange operator LMAX Group.
The deal — first reported by the Financial Times — is still subject to regulatory approval, but it would value LMAX at $1 billion, the announcement said. LMAX will work with the New York private equity firm to “accelerate the company’s next phase of growth and innovation,” a media release said of the deal. Per the FT’s report, LMAX was valued at £100 million in 2018.
“This is a significant milestone in the evolution of LMAX Group that vindicates our industry-leading business model and the role we have to play in the foreign exchange and cryptocurrency markets of the future,” LMAX Group CEO David Mercer said of the deal.
LMAX has been operating in the FX market since its earliest days and was founded in 2010. The firm moved into cryptocurrency trading with the launch of LMAX Digital in 2018.
LMAX Digital is among the largest exchanges in the cryptocurrency market, clocking in $36 billion worth of volumes last month, according to The Block’s Data Dashboard.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Frank Chaparro
